Is there any hard fork scheduled in the near future for Bitcoin, with more important upgrades?
The real artistry is to deploy updates without doing a hard fork. Taproot is one of these and it is very, very important.
On anyone-can-spend Pay-to-Taproot outputs before activation
11–20 of 65 posts
Re: On anyone-can-spend Pay-to-Taproot outputs before activation
#12Ah, a soft fork focused on SegWit transactions. Every time I try and follow along with the latest in Bitcoin I just don't get that excited. I think that's part of the point, though. "Hard money" and all.
Hard money doesn't exhibit 15000% annualized inflation in a one-month period. That Weimar Republic behavior. Don't get me wrong, I'm not mad about that - it's made me tons of money on the short side. I'm just saying, it's bad money.
I'm not sure to follow "15000% annualized inflation in a one-month period"... Could you expand?
Re: On anyone-can-spend Pay-to-Taproot outputs before activation
#13That’s really fascinating, Ive always found it interesting how some arts become lost in cryptocurrency. Like if you ever read a book on the topic you become aware of so many manual things you can do that wallets don't surface to you.
Like what? Curious to hear about some interesting manual interactions you can do with the network that isn't exposed in typical wallets.
This Pay-to-Taproot output spendable by anyone is a decent example.
Most multisignature behaviors still aren't exposed, its kind of weird. But looking for to taproot making multisignature addresses indistinguishable from other addresses.
There's the general empty space that people shove all sorts of things into. From plain text metadata to encoded messages to derivatives trades.
Re: On anyone-can-spend Pay-to-Taproot outputs before activation
#14Earlier quoted context omitted.
Hard money doesn't exhibit 15000% annualized inflation in a one-month period. That Weimar Republic behavior. Don't get me wrong, I'm not mad about that - it's made me tons of money on the short side. I'm just saying, it's bad money.
I'm not sure to follow "15000% annualized inflation in a one-month period"... Could you expand?
A ~50% drop in purchasing power over a one-month period (from 65K to 29K) is an annualized inflation rate of ~15000%.
Re: On anyone-can-spend Pay-to-Taproot outputs before activation
#15Ah, a soft fork focused on SegWit transactions. Every time I try and follow along with the latest in Bitcoin I just don't get that excited. I think that's part of the point, though. "Hard money" and all.
Hard money doesn't exhibit 15000% annualized inflation in a one-month period. That Weimar Republic behavior. Don't get me wrong, I'm not mad about that - it's made me tons of money on the short side. I'm just saying, it's bad money.
I mean, you're being a little silly by comparing a short-term market gyration to "annualized inflation". The Yen is down 38 basis points against the dollar today. Nobody would describe that as "exhibiting 135% annualized inflation".
Re: On anyone-can-spend Pay-to-Taproot outputs before activation
#16Earlier quoted context omitted.
Hard money doesn't exhibit 15000% annualized inflation in a one-month period. That Weimar Republic behavior. Don't get me wrong, I'm not mad about that - it's made me tons of money on the short side. I'm just saying, it's bad money.
I mean, you're being a little silly by comparing a short-term market gyration to "annualized inflation". The Yen is down 38 basis points against the dollar today. Nobody would describe that as "exhibiting 135% annualized inflation".
True, but there's a big difference between dropping 38 basis points and losing 57% of its purchasing power.
[edit] more importantly, the yen may have dropped 38 basis points against the dollar, however that doesn't necessarily represent a drop in domestic purchasing power at all. Just foreign purchasing power. This change makes imports into Japan more expensive and exports of Japanese products denominated in dollars more affordable to foreign buyers. You're measuring apples vs oranges in that comparison.
Re: On anyone-can-spend Pay-to-Taproot outputs before activation
#17Earlier quoted context omitted.
I'm looking forward to third party assets being tradable on the Bitcoin network again. My contribution to the gradient of behaviors on that network was one where the Bitcoin asset was only used to cover transaction fees for the actual money being traded. The whole "merchant adoption" thing was always a squirrel to me. When merchants will accept stable value assets more readily, or use those stable value assets for se…
Genuine curiosity: why would you trade third-party assets on the Bitcoin network when you could do it infinitely more efficiently on any of the competing chains? It's by far the least efficient blockchain ergo the least efficient way to trade third-party assets. [edit] Direct fees are lower than they used to be, and the energy cost is about now up to about $100-120 per transaction. While that's being socialized acros…
> While that's being socialized across block reward for now, when that ends, it will have to be born directly by customers
That's true, total transaction revenue will need to go up. That doesn't mean per-transaction revenue needs to go up though.
Put another way, transaction volume needs to scale before inflation gets too low.
Re: On anyone-can-spend Pay-to-Taproot outputs before activation
#18The miner can include some non-standard transactions makes Bitcoin not so perfect, and once that non-standard transactions included in a block, other miners won't validate its script at all, that make it worse.
Re: On anyone-can-spend Pay-to-Taproot outputs before activation
#19The miner can include some non-standard transactions makes Bitcoin not so perfect, and once that non-standard transactions included in a block, other miners won't validate its script at all, that make it worse.
>other miners won't validate its script at all, that make it worse.
What do you mean by "validate" here? All nodes check for validity, in the sense that the transaction is properly authorized.
Re: On anyone-can-spend Pay-to-Taproot outputs before activation
#20Earlier quoted context omitted.
I'm not sure to follow "15000% annualized inflation in a one-month period"... Could you expand?
A ~50% drop in purchasing power over a one-month period (from 65K to 29K) is an annualized inflation rate of ~15000%.
That’s not inflation. Inflation as the name suggests is the expansion of monetary supply.